Southeast Asia-focused cryptocurrency exchange Zipmex confirmed that it had filed for bankruptcy protection in Singapore. A day after their suspension on July 20, Zipmex resumed withdrawals, saying they are now working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.
On July 22, Zipmex’s solicitors submitted five applications in the hopes to prohibit legal proceedings against Zipmex for up to six months. Singapore law states that such a filing may grant companies an automatic moratorium for 30 days, or until a Singapore Court makes a decision on the application, whichever is earlier.
